Annual compliance actions are the actions required to be undertaken by a Singapore company every year in order to comply with local laws and keep the company live.
Need for annual compliance calendar
Although materials are available on public domains, there is a lot of uncertainty amongst the small business owners and company directors about what the need to do and when and hence I have tried to explain it in simplest way possible in this infographics.
Annual compliance filing obligations of a Singapore company
If your business is a non regulated business (i.e. you do not need separated licence to carry your business such as travel agency, real estate agency or employment agency) the annual filings are only to be made to ACRA (Accounting and Corporate Regulatory Authority) which is the Registrar of Companies in Singapore and to IRAS (Inland Revenue Authority of Singapore).
There may be additional annual compliance requirements for licensed businesses as per licensing terms and requirements.
Obligations under Companies Act (obligations to ACRA)
Convening AGM (Annual General Meeting)
Every Singapore Company is required to convene an AGM for each of its financial year ends.
Deadline for AGM provided in the infographics is indicative and applicable for majority of companies. However for some companies it may differ and you can check how to calculate exact AGM deadline by clicking here.
Filing Annual Returns
An annual return is to be filed with ACRA within 30 days of AGM date via bizfile website. Please click here to know more about annual return filing.
Obligations under Income Tax Act (obligations to IRAS)
There are two tax filings required to be made with IRAS by Singapore Companies
1. Filing of ECI (Estimated Chargeable Income)
ECI is required to be filed with IRAS within 3 months of Financial year end of the company. However your company may qualify for filing exemption. Please visit my detailed blog post on ECI filings for exemptions.
2. Filing of Tax Return (Form C/Form CS)
Irrespective of whether you qualify for filing for simplified Form CS or detailed Form C, the tax return is required to be filed before 30th November of subsequent year. You may refer to blog post about annual tax return filing for details
Consequences for failure to comply
Below are the major consequences that the company directors have to face in case they fail to comply with annual compliance requirements.
- Late filing penalties
You may fill in the contact form below if you need a quotation for professional services for handling your annual compliance requirements or in case you have any further queries regarding annual compliance requirements of Singapore Companies.